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RESOLUTION <br />WHEREAS, the Council of the City of Charlottesville, <br />Virginia (the "Council"), has created the Industrial <br />Development Authority of the City of Charlottesville, <br />Virginia (the "Authority"), pursuant to the Virginia <br />Industrial Development and Revenue Bond Act to fulfill the <br />purposes of such Act; and <br />WHEREAS, the Ordinance adopted by the Council on <br />July 19, 1976, as amended on February 3, 1980, which created <br />the Authority (the "Ordinance"), provides that the Authority <br />shall not finance any facility until the location and financing <br />of such facility have been approved by the Council; and <br />WHEREAS, Section 5 of the Ordinance sets forth certain <br />standards to be considered by the Authority and the Council <br />in determining the nature and location of facilities to be <br />financed by the Authority; and <br />WHEREAS, the Authority on September 8, 1981 adopted an <br />inducement resolution agreeing to assist CL/Char?.ottesville <br />Limited Partnership or its assigns ("Luria") in financing a <br />motel and office facility in the City of Charlottesville, <br />• Virginia (the "Project"), by the issuance of the Authority's <br />industrial development revenue bonds in an amount not to <br />exceed $3,750,000; and <br />WHEREAS, preliminary plans for the Project and the <br />financing have been described to the Council in a presentation <br />by Luria; and <br />WHEREAS, the Project will be located on Morton Drive in <br />the City of Charlottesville, Virginia. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE <br />CITY OF CHARLOTTESVILLE, VIRGINIA: <br />1. It is hereby found and determined that the acquisition, <br />construction and equipping of the Project will be in the public <br />interest and will promote the commerce, safety, health, welfare, <br />convenience or prosperity of the City of Charlottesville, Virginia, <br />and its citizens. <br />2. The Council hereby approves the location and financing <br />of the Project. <br />3. It is hereby found and determined that the Project <br />meets the criteria set forth in Section 5 of the Ordinance. F, <br />m <br />0 4. This Resolution shall take effect immediately. <br />